IPB BANKA: Nomura Appeals E.U. Decision Denying Probe Request-------------------------------------------------------------Nomura has appealed the E.U. Commission ruling nixing itsrequest for an investigation into the state aid CSOB allegedlyreceived when it took over Investicni a postovni banka (IPB).

According to Interfax, Nomura filed its appeal before the Courtof Justice of the European Communities in Brussels. TheCommission had ruled that the aid extended to CSOB to acquireIPB four years ago became inconsequential after the CzechRepublic entered the E.U. in May 2004.

Nomura expects the court to declare the aid illegal and orderCSOB to return the money to the government, Nomura SpokesmanJiri Hrabovsky says. Nomura owned IPB prior to its collapse in2000.

(b) Metso's operating profit before nonrecurring items and amortization of goodwill was EUR107.5 million (EUR80.7 million);

(c) The operating profit improved to EUR39.3 million (-EUR273.7 million). The operating profit includes EUR26 million in nonrecurring expenses booked for July-September due to the renewal of Metso Paper's business concept and the streamlining of its cost structure;

(d) The net profit was EUR33 million, which includes a deferred tax asset of EUR53 million booked for July-September;

(e) Earnings per share were positive EUR0.24 (negative EUR2.36);

(f) New orders worth EUR3,405 million (EUR3,296 million) were received. The Corporation's order backlog totaled EUR1,918 million at the end of September (EUR1,505 million at the end of 2003); and

(g) Gearing was 62.3% at the end of September (107.7% on December 31, 2003);

In the third quarter, Metso's operating profit beforenonrecurring items and amortization of goodwill was EUR55.9million. The corresponding figure for continuing operations wasEUR58.8 million. In January-September, operating profit beforenonrecurring items and amortization of goodwill from continuingoperations strengthened to EUR99.7 million (EUR59.9 million).

Net nonrecurring expenses of EUR41 million were booked duringJanuary-September, including EUR26 million in nonrecurringexpenses booked in the third quarter due to the renewal of MetsoPaper's business concept. Metso's operating profit for thethird quarter was EUR18.8 million.

In January-September, Metso's loss before taxes was EUR3million. The net profit was EUR33 million and included adeferred tax asset of EUR53 million booked in the third quarter.Consequently, earnings per share turned positive and wereEUR0.24.

In January-September, Metso received more new orders than in thecorresponding period one year earlier. The order backlog at theend of September was also clearly stronger than at the end of2003 or at the end of September 2003. Orders received bycontinuing operations increased by 9% and the order backlogstrengthened by 36%. The share of the Corporation's aftermarketoperations increased slightly and accounted for 40% of netsales.

"Metso Minerals and Metso Automation have clearly improved theirresults. In the third quarter, which usually is somewhatquieter due to seasonal factors, they both succeeded instrengthening their operating profit margins compared with theprevious quarter. This was achieved through the streamlinedcost structure resulting from the efficiency improvementmeasures and supported by the favorable demand," says JormaEloranta, President and CEO.

"Metso Minerals has benefited from the market situation andenhanced the effects of its efficiency improvement measures.Metso Automation has continued its positive profitabilityperformance despite fragmented market situation. The renewal ofMetso Paper's business concept continues as announced in June2004. Metso Paper's result improved compared with the firsthalf of the year.

"In January-September Metso's gearing has decreasedsignificantly due to the strong operating cash flow anddivestitures. Metso will continue to strengthen its position asmarket leader and to ensure that the financial targets set for2005 will be met," says Jorma Eloranta.

Short-term Outlook

Metso Paper's market situation is expected to remain uncertainfor the rest of the year. The pulp and paper industry'swillingness to invest is essentially dependent on how paper andboard prices develop in the future. Metso Paper's net sales andoperating profit before nonrecurring items for 2004 are notestimated to reach the level of the previous year.

The demand for Metso Minerals' products is expected to remaingood in the Americas and in Asia. In Europe, civil engineeringindustry demand is expected to recover gradually. The miningindustry investment outlook is good. The favorableprofitability development is estimated to continue in MetsoMinerals.

(a) Sales at EUR3,044 million, up y-o-y by 11%, and by 14% at constant Euro/USD,

(b) Gross margin at 37.7% of sales,

(c) Income from operations at EUR271 million at 8.9% of sales,

(d) EPS pre-goodwill at EUR0.14 (EUR0.06 after goodwill),

(e) Net cash at EUR519 million

Note: All historical results are restated for batteryactivities, optical fiber, and mobile handsets, which areaccounted for as "discontinued operations".

Alcatel's Board of Directors (Paris: CGEP.PA and NYSE: ALA)reviewed and approved third quarter 2004 results. Sales wereregistered at EUR3,044 million compared with EUR2,753 million inthe third quarter 2003, up 11% and 14% at constant Euro/USD(with an average Euro/USD rate of 1.22 in Q3). Sales were up 3%sequentially compared to the second quarter 2004. The grossmargin was 37.7% of sales (of which 0.5 points were from a one-off item related to a litigation settlement). Income fromoperations amounted to EUR271 million, a 8.9% return on sales,with all business segments positive, compared with EUR172million in the same period last year. Net income pre-goodwillfor the quarter was registered at EUR187 million or dilutedEUR0.14 per share (USD 0.17 per ADS) and net income aftergoodwill at EUR84 million or diluted EUR0.06 per share (USD 0.08per ADS).

Serge Tchuruk, Chairman and CEO summarized the Board'sobservations: "Alcatel registered a solid performance in thethird quarter. In a very competitive environment, our currentbusiness model involves substantial investments in businessdevelopment, which are directed where the growth potential isclearly attractive to Alcatel and where market build-up costsremain compatible with our gross margin target of around 38 %for the full year 2004. With our third quarter return on salesat around 9 % and our book-to-bill ratio again exceeding 1 inthe carrier space, we feel confident of meeting our futuretargets of double digit profitability, leveraging the growth inrevenues and the continued expense containment illustrated bythe healthy trend of Q3.

The third quarter showed a strong rebound of our mobilecommunications sales which were up 28% Y-o-Y with positiveindications for the fourth quarter. This is the result of ourfocus on fast-growing countries with breakthroughs in India andBrazil and expansions in Russia, Africa, the Middle East andChina. Our multi-standard Evolium(TM) platform proves to bewell adapted to the increasing demand for hybrid networks(2G/EDGE/3G). Our investments in mobile applicationtechnologies, particularly in video streaming and convergentpayment, are also starting to pay off. We are now investing ina clearly disruptive NGN cellular core technology through ourassociation with Spatial Wireless, now reinforced by ouragreement to acquire the company, which opens our access to theU.S. cellular market.

Within the wireline market, long ago we started to invest intriple play technologies and we are now glad to see strongmomentum on worldwide markets. In this domain, our recent winwith SBC for Project Lightspeed also validates our technologychoices in next generation IP-DSLAM and IP service routing aswell as our focus on integration of complex, end to end systems.While the wireline market has been declining or has remainedflattish in past quarters, we have now reached a stage whereprofitability is back and where prospects in future years shouldreflect a deep transformation of carriers' service offering andof associated network configurations. We are convinced thatAlcatel is optimally positioned to capitalize on this trend.

With our private communications business, our strategy as anintegrator in vertical markets is also paying off with strongorders coming from the transport and security segments. Weintend to develop new opportunities in these markets and toexpand our business base with technology already used by ourcarrier customers. In the enterprise markets, the transitiontowards IP telephony and unified interaction managementcontinues to gain momentum. We are also encouraged by the trendfor our carrier customers to outsource parts of their business,which we are now seeing spread to Europe."

Outlook for full year 2004: "At a current structure, we arecomfortable with our former guidance that sales for the fullyear will be up in the high single digit range, at constantEuro/USD, with EPS pre-goodwill being substantial."

In order to provide a view of business trends, comments arebased on year on year comparisons.

Fixed Communications

Third quarter revenue decreased by 3.8% to EUR1,253 million fromEUR1,302 million in Q3 2003, continuing on a flattish trend atconstant Euro/USD rate. Both the Data and Fixed Solutionsbusinesses turned in significant growth. The IP edge servicerouting activity now boasts more than 40 customers acrossdiverse geographical regions, with over 10 new accounts addedduring the quarter.

MSWAN sales continued to be strong as a result of increasedtraffic in access, most notably in Europe. The growth in fixedsolutions was driven by triple play services, in particular, theearly adoption in Western Europe, Latin America and Russia,while NGN continued to gain momentum, exemplified by wins inChina during the quarter wherein Alcatel will deliver onemillion NGN lines to three different Chinese carriers.

Optical networks also grew during the quarter benefiting fromthe demand in the metro domain as well as for cross connects bythe wireless carriers as they build out their network. Comparedto a year ago, shipments of ADSL lines grew strongly in China,moderately in Europe, and declined in North America, whichoverall resulted in a softness in revenues.

Alcatel delivered 4.5 million lines in the quarter, bringingcumulative deliveries for the year to 14.8 million. Voicenetworks continued to decline, even if, emerging countries inthe deployment phase showed some strength. During the quarteran agreement was reached to dispose of the power systemsbusiness, which will remain consolidated in the fixedcommunications segment up until the time of closing.

Income from operations amounted to EUR119 million compared toEUR64 million in the same period last year, resulting in returnon sales almost doubling over last year. The turnaround inoptics for the second consecutive quarter as well as the solidachievement in data drove the growth in profitability.

Mobile Communications

Third quarter revenue increased by 28.3% to EUR894 million fromEUR697 million in Q3 2003. Going into the quarter with asubstantial order backlog, combined with the beginning ofexecution of some new orders during the quarter, a strongperformance was registered across all business lines. Withinthe mobile networks business, an accelerated demand in 2/2.5Gwas seen in emerging countries (India, Brazil, Russia, China),for additional network capacity.

The 3G business also continued to develop through the coverageextension in Western Europe (Austria and Portugal) and theinitial roll-out in emerging countries, in particular in Libya,Tunisia, and the United Arab Emirates. Mobile core gainedmomentum, in particular, the NGN core business, which is growingin the U.S. market. Content Value Charging (iGGSN) registeredgrowth as well as applications which also grew significantlyduring the quarter with an acceleration of demand for newfeatures such as real time converged payment and videostreaming. Wireless transmission began to recover with thedelivery of its new product. The transaction concerning themobile handset business was closed during the quarter and thebusiness is now accounted for as discontinued operations.

Income from operations amounted to EUR103 million compared toEUR107 million in Q3 2003. Mobile networks continued to make avery strong contribution, with its significant double-digitmargins maintained.

Private Communications

Third quarter revenue increased by 11.4% to EUR935 millioncompared with EUR839 million in the third quarter 2003.Enterprise solutions registered good growth in its IP/PBXbusiness particularly in Europe and, to a lesser extent, inAsia. During the quarter Alcatel acquired a privately heldU.S.-based company, eDial, Inc., a leading provider ofconferencing and collaboration solutions for enterprises andservice providers.

Genesys continued to post solid results, particularly with largeU.S. companies as well as in Asia Pacific. Benefiting from astrong order backlog, rail communication systems grewsubstantially during the quarter, most notably in Germany andSpain (mainline) and the U.K. (metro). A significant milestonewas registered in China during the quarter, where the firstphase of a metro line went into operation using Alcatel's traincontrol and signaling solution (CBTC). The space activity alsobenefited from a strong backlog and two more payloads wereordered during the quarter by a Russian satellite company.Integration and services is seeing a strong demand today,particularly in private sector deployments. Outsourcing trendsare now spreading into Europe, highlighted by a contract awardedfor the managed operation and maintenance services for a mobilenetwork in Belgium.

Income from operations amounted to EUR68 million compared toEUR41 million in Q3 2003, with all businesses profitable.

Third-quarter 2004 Results (unaudited)

Profit and Loss Statement

Figures for third-quarter 2003 have been restated to reflect thedisposal of the Battery, Optical Fiber and Mobile Handsetsdivisions.

(a) Net Sales: EUR3,044 million vs. EUR2,753 million in Q3 03, up by 11%;

(b) Geographical distribution of sales:

(i) W. Europe: 39%

(ii) Other Europe: 9%

(iii) North America: 15%

(iv) Asia: 15%;

(c) RoW: 22%;

(d) Gross margin: 37.7% (37.3% for Q3 2003);

(e) Selling, general and administration (SG&A) costs: EUR(494) million (16.2% of sales);

(f) Research and development (R&D) expenses: EUR(384) million (12.6% of sales);

(g) Income (loss) from operations: EUR271 million;

(h) Earnings before tax and amortization of goodwill: EUR248 million and included:

(i) Interest paid on convertible bonds EUR(11) million,

(ii) Net financial loss of EUR(44) million,

(iii) Restructuring costs of EUR(15) million;

(i) Net other revenue/(expenses) of EUR47 million;

(j) Net Income Pre-Goodwill and Minority Interest: EUR216 million;

(k) Net Income: EUR84 million and included a tax charge of -EUR14 million, share in net income /(loss) of equity affiliates and discontinued activities of -EUR18 million, goodwill amortization of -EUR103 million, and minority interests of -EUR29 million;

(l) Diluted EPS: EUR0.06 per share (US$0.08 per ADS), pre- goodwill EUR0.14 per share (US$0.17 per ADS) based on an average of 1.36 billion diluted shares

Balance Sheet Items

(a) Operating working capital: EUR655 million (5.4% of last 12 months sales),

(b) Cash and equivalents: EUR5,185 million,

(c) Net Cash: EUR519 million,

(d) Gearing: (13.7%),

(e) Operating Cash Flow (net cash provided (used) by operating activities before changes in other receivables and debts): EUR(44) million

About Alcatel

Alcatel provides communications solutions to telecommunicationcarriers, Internet service providers and enterprises fordelivery of voice, data and video applications to theircustomers or employees. Alcatel brings its leading position infixed and mobile broadband networks, applications and services,to help its partners and customers build a user-centricbroadband world. With sales of EUR12.5 billion in 2003, Alcateloperates in more than 130 countries.

The Soultz-based group has been losing market share to othercosmetics firm since the start of 2004. Europe Cosmetiquebooked a loss of over EUR2 million for January-August tradingperiod, as volumes fell by more than 50%. The company'scompulsory administration will end on December 15.

Employing 177, Europe Cosmetique is a subsidiary of Dutchholding group Cosmed. The group produces wet wipes, cottonproducts and a range of cosmetic goods.

GANTOIS: Axing 181 More Employees---------------------------------Loss-making metal group Gantois plans to cut around 181 of 747jobs to improve its sagging fortunes, according to Les Echos.

The cuts will affect employees at its plants in Saint-Die andMonthureux-sur-Saone, Vosges; Fismes, Marne; and Clairoix, Oise.A commercial court in Saint-Die placed Gantois into compulsoryadministration in July after the metal group declaredinsolvency.

The firm slashed 150 jobs in 2003 and transferred some of itsoperations to Romania. In spite of this, Gantois still saw itsconsolidated turnover fell from EUR139.7 million in 2002 toEUR129.3 million in 2003. The group's net loss also jumped fromEUR7.6 million in 2002 to EUR12.8 in 2003.

Set up in 1874, Gantois manufactures fabrics and metal cloths,perforated sheets, and nettings.

PLASTRE CAROLE: Court Orders Liquidation----------------------------------------The Commercial Court of Dijon placed Plastre Carole intoliquidation on October 12, 2004 and appointed Mr. Ph. Maitreliquidator. Creditors are urged to submit their proofs of claimto the liquidator as soon as possible.

CONTACT: PLASTRE CAROLE 8, Rue du Bourg-Voisin 21140 Semur-En-Auxois

Mr. Ph. Maitre Liquidator 19 Albert-Camus Avenue 2100 Dijon

RHODIA SA: Reduces Third-quarter Operating Loss to EUR48 Million----------------------------------------------------------------Rhodia S.A. (NYSE:RHA) published its results for the thirdquarter of 2004 as reviewed by the Board of Directors on October27, 2004.

Highlights for the period:

(a) Strong growth in volumes and operating performance compared with the third quarter of 2003,

(d) Steady implementation of cost-cutting programs in line with targets for the year and progress in industrial restructuring plans,

(e) Finalization of the divestiture program announced in October 2003: EUR760 million cash received,

(f) EUR404 million reduction in Total Net Debt for the third quarter of 2004 and increase in the Group's current liquidity (including available bank facilities) to EUR1,041 million at the end of September compared with EUR778 million at the end of June

Simplified Income Statement for the Third Quarter of 2004 In millions of euros

Rhodia reported Net Sales of EUR1,289 million for the thirdquarter of 2004. On the same basis (constant structure andexchange rates) net sales rose 13.7% compared with the thirdquarter of 2003.

The rise in the net sales reflects the strong 10.7% growth involumes achieved during the third quarter. All Enterprisesexperienced continued high demand, particularly in Asia, theU.S. and Latin America. Polyamide benefited from a stronggrowth in volumes, offsetting the impact of seasonalfluctuations typical of the third quarter.

Beginning in the second quarter, the Enterprises have beenimplementing an aggressive policy to raise selling prices, whichwill take full effect in the fourth quarter with already EUR47million impact recorded in the third quarter. This performancehas partially offset the higher prices charged for rawmaterials, notably benzene and its derivatives.

The Group also actively pursued its program to reduce fixedcosts, generating incremental savings of EUR66 million as of theend of September, in line with the target of EUR103 million(before inflation) set for 2004.

Earnings Before Interest, Taxes, Depreciation and Amortization(EBITDA) before restructuring stood at EUR78 million for thethird quarter of 2004. On a comparable basis (constantstructure and exchange rates), EBITDA increased 50 % comparedwith the same period in 2003. On the same basis of comparison,the EBITDA margin before restructuring rose to 6% in the thirdquarter of 2004, compared with 4.6% in the third quarter of2003.

After restructuring costs, EBITDA stood at EUR51 million in thethird quarter of 2004, up from EUR22 million in the same periodof 2003 on the same basis (constant structure and exchangerates).

Operating income stood at a loss of EUR48 million in the thirdquarter of 2004 against a loss of EUR128 million in the thirdquarter of 2003 on the same basis (constant structure andexchange rates).

Interest expenses (EUR54 million) include interest on servicingGroup debt (EUR44 million) and EUR10 million of other financialexpenses, of which EUR8.1 million is for quarterly amortizationrelated to debt restructuring until March 2006.

Accounting for the above items and for capital gains from assetdivestitures, Net income (after minority interests) stood at aloss of EUR91 million for the third quarter of 2004, comparedwith a loss of EUR1,028 million for the same period in 2003.

Continued Reduction in Total Net Debt

The Group continued to maintain tight control over CapitalExpenditures, which stood at EUR46 million in the third quarterof 2004, and on its Operating Working Capital, which stood at13.6% of net sales, in line with the Group's objective.

The Group's free cash flow, including capital expenditures andEUR27 million of cash restructuring, stood at EUR44 million forthe third quarter of 2004, before impact of securitization ofreceivables.

Net Debt stood at EUR2,048 million at the end of September,compared with EUR2,385 million at the end of June 2004. TotalNet Debt, which includes off-balance sheet items, stood atEUR2,512 million, down 14% compared with June 2004.

The Group's current liquidity (including available bankfacilities) rose to EUR1,041 million in the third quarter of2004, up from EUR778 million as of June 30, 2004.

Completion of the first two stages in the recovery plan andprogress in the cost-cutting program, in line with Grouptargets:

(a) Consolidation of the Group's medium-term financing: Completed

In line with its commitment in this area, the Group has successfully completed its refinancing plan and secured its medium-term liquidity until 2006.

(b) Refocusing of the business portfolio: Completed

The sale of the North American phosphates activity to Bain Capital and the European phosphates business to Thermphos, finalized during the third quarter, enabled Rhodia to complete its asset divestiture program launched nine months ago.

Proceeds from divestitures, net of adjustments for Divestment expenses and taxes, stand at approximately EUR760 million and substantially exceed the target of EUR700 million set for 2004.

(c) Streamlining of Group structures and cost-cutting program: on Schedule.

The restructuring plan adopted by the Group in 2003 is proceeding according to schedule.

At the end of September 2004, 48% of the two-year social plan for reorganizing the support functions had been completed (more than 600 of 1,329 jobs eliminated worldwide).

At the same time, the industrial restructuring pursued by the different Enterprises is proceeding according to target with action plans widely underway in Polyamide, PPA, RPS and RE3S.

Outlook

The main features of the business environment remain the highprice of raw materials and continued uncertainty on exchangerates. The Group's operating performance during the full yearwill reflect the impact of divestitures finalized in 2004.

The Group, supported by anticipated steady volumes and the fulleffect of its pricing initiatives in the fourth quarter,confirms that its EBITDA before restructuring for the full year2004 should improve compared with 2003, on the same basis(constant structure and exchange rates).

Rhodia is a global specialty chemicals company recognized forits strong technology positions in applications chemistry,specialty materials & services and fine chemicals. Partneringwith major players in the automotive, electronics, fibers,pharmaceuticals, agrochemicals, consumer care, tires and paints& coatings markets, Rhodia offers tailor-made solutionscombining original molecules and technologies to respond tocustomers' needs. Rhodia subscribes to the principles ofSustainable Development communicating its commitments andperformance openly with stakeholders. Rhodia generated netsales of EUR5.4 billion in 2003 and employs 23,000 peopleworldwide. Rhodia is listed on the Paris and New York stockexchanges.

Managing director Patrick Engler said the group must cut jobs toalign the size of its workforce with its sales volume. Mr.Engler says Stephane Kelian has been recording stock surplus dueto overproduction. This, he said, would cause rock-bottomprices when the products are sold at discount outlets. Mr.Engler said there would be further cuts unless the marketrecovers. The company will present the redundancy plan to theworks council on November 3 in Paris.

The company predicts a EUR4 million net loss this year.Stephane Kelian manufactures and markets shoes, handbags andother leather goods under the brand names Stephane Kelian,Mosquitos, Maud Frizon and Kelian studio.

TATI: Alice Media Stores, Boxer Acquire Five Unsold Stores----------------------------------------------------------Retailers Boxer and Alice Media Stores have been chosen as newowners of Tati's remaining five outlets, which textile groupVetura did not acquire in August, La Tribune says.

Tati Administrator Denis Facques said Wednesday the winningbidders would take over the five outlets in Paris, Strasbourgand Bordeaux. Vetura acquired Tati's 23 stores in August afteroffering EUR14.5 million.

Blaming stiff competition in the fashion sector, Tati filed adeclaration of suspension of payments in August 2003 beforebeing placed in receivership a month later. Tati booked EUR14million in net loss for the 2003-2004 fiscal year, which endedJune 30, 2004.

VIVENDI UNIVERSAL: Closes Sale of UCI Cinemas--------------------------------------------- Vivendi Universal (Paris: 12777 and NYSE:V) and Viacom have soldthe European operations of the UCI Cinemas group (U.K., Ireland,Germany, Austria, Spain, Portugal and Italy) to Terra Firma fora price of EUR270 million in debt. Vivendi Universal and Viacomeach owned 50% of UCI Cinemas. The UCI group's 50% stake in UCIJapan was sold separately for an additional EUR45.6 million toSumitomo Corporation.

Standard & Poor's had previously said that the ratings on VUEwould be withdrawn, once the debt was refinanced by VUEfollowing its becoming a 95%-owned subsidiary of unrated NBCUniversal -- NBCU -- which is 80%-owned by General ElectricCompany; GE; AAA/Stable/A-1+). NBC Universal was createdfollowing the merger of Vivendi Universal S.A. (BBB-/Stable/A-3)subsidiary VUE with GE's fully owned media subsidiary NBC.

"We believe that, if rated, NBC Universal would have strongpotential for an investment-grade corporate credit rating,especially as an entity 80%-owned by GE," said Standard & Poor'scredit analyst Robert Schulz, "given that it has reported proforma 2003 revenues of more than $13 billion, annual EBITDA ofabout $3 billion, and operating margins that should be aboveaverage for major media and entertainment companies in the U.S."

BSP-DATEN: Creditors to Meet Later this Month---------------------------------------------Creditors and other interested parties in BSP-Daten &Telekommunikationssysteme GmbH are encouraged to attend ameeting on Nov. 23, 2004 11:00 a.m. at the district court ofCologne Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1.Etage, Saal 142 for the administrator's first insolvencyproceedings report. BSP-Daten sells and installs data systemsand telecommunication systems. It has been under bankruptcyproceedings since September 8.

The court will also verify the claims set out in theadministrator's report during this meeting, while creditors mayconstitute a creditors committee and or opt to appoint a newinsolvency manager.

Moody's said:: "These actions reflect the assumptions that BCPwill increase the size of its securitized bank and term loanfacilities to finance this acquisition; and that Acetex's debtmay remain outstanding given the current price of the notes,even though BCP will be required to conduct a 'Change ofControl' tender."

The ratings have a negative outlook due to the expectedsubstantial increase in debt at the combined entities -- roughlyUS$1.3 billion -- relative to initial financing plan for BCP, aswell as the ability to add additional debt to support furthertransactions.

Moody's also affirmed the ratings of Acetex Corporation's seniorunsecured debt at B2, as well as its stable outlook.

BCP Caylux is the majority owner of Celanese and a subsidiary ofCrystal U.S.

CONZELMANN MODELLSPIELWAREN: Administrator's Report Out December----------------------------------------------------------------Creditors and other interested parties in ConzelmannModellspielwaren GmbH are encouraged to attend a meeting on Dec.2, 2004, 10:00 a.m. at AG Stuttgart, Hauffstr. 5, EG, Saal 4Hauffstr. 5, EG, Saal 4 for the administrator's first insolvencyproceedings report. Conzelmann has been under bankruptcyproceedings since Oct. 1.

The court will also verify the claims set out in theadministrator's report during this meeting, while creditors mayconstitute a creditors committee and or opt to appoint a newinsolvency manager.

COPY-PARTNERS: Creditors' Claims Due This Month----------------------------------------------- The district court of Bremen opened bankruptcy proceedingsagainst Copy-Partners Buromaschinen Handelsgesellschaft mitbeschrankter Haftung on Oct. 1. Consequently, all pendingproceedings against the company have been automatically stayed.Creditors have until Nov. 16, 2004 to register their claims withcourt-appointed provisional administrator Haro Helms.

Creditors and other interested parties are encouraged to attendthe meeting on Nov. 4, 2004, 10:15 a.m. Saal 115, Gerichtshaus(Neubau), Ostertorstr. 25-31, 28195 Bremen at which time theadministrator will present his first report of the insolvencyproceedings. The court will verify the claims set out in theadministrator's report on Dec. 9, 2004, 10:00 a.m. at the samevenue.

DISCOVERER REEDEREI: Under Bankruptcy Administration----------------------------------------------------The district court of Bremen opened bankruptcy proceedingsagainst Discoverer Reederei GmbH on Oct. 1. Consequently, allpending proceedings against the company have been automaticallystayed. Creditors have until Dec. 21, 2004 to register theirclaims with court-appointed provisional administrator EdgarGronda.

Creditors and other interested parties are encouraged to attendthe meeting on Nov. 11, 2004, 11:00 a.m. at Saal 115,Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195 Bremen at whichtime the administrator will present his first report of theinsolvency proceedings. The court will verify the claims setout in the administrator's report on Jan. 13, 2005, 10:00 a.m.at the same venue.

GEBRUDER WAGSCHAL: Bremen Court Appoints Administrator------------------------------------------------------The district court of Bremen opened bankruptcy proceedingsagainst Gebruder Wagschal GmbH on Oct. 1. Consequently, allpending proceedings against the company have been automaticallystayed. Creditors have until Dec. 21, 2004 to register theirclaims with court-appointed provisional administrator EdgarGronda.

Creditors and other interested parties are encouraged to attendthe meeting on Nov. 11, 2004, 11:30 a.m. Saal 115, Gerichtshaus(Neubau), Ostertorstr. 25-31, 28195 Bremen at which time theadministrator will present his first report of the insolvencyproceedings. The court will verify the claims set out in theadministrator's report on Jan. 13, 2005, 10:10 a.m. at the samevenue.

H. KURT: Creditors Have Until this Month to File Claims------------------------------------------------------- The district court of Bremen opened bankruptcy proceedingsagainst H. Kurt Personaldienst- u. Industriemontage GmbH on Oct.1. Consequently, all pending proceedings against the companyhave been automatically stayed. Creditors have until Nov. 23,2004 to register their claims with court-appointed provisionaladministrator Stefanie Luthje.

Creditors and other interested parties are encouraged to attendthe meeting on Nov. 4, 2004, 9:50 a.m. at Saal 115, Gerichtshaus(Neubau), Ostertorstr. 25-31, 28195 Bremen at which time theadministrator will present his first report of the insolvencyproceedings. The court will verify the claims set out in theadministrator's report on Dec. 16, 2004, 10:40 a.m. at the samevenue.

According to The Deal, CFO Peter Fischlof allegedly informedmanagers of Infineon Ventures of the impending sale on October19. The move is ostensibly part of the new management strategyto focus on the chipmaker's core businesses. Secondary fundmanagers, who talked to The Deal, confirmed the portfolio isindeed for sale and that interest in acquiring it is high.

Founded in 1998 and managed by Ralf Schnell, Infineon Venturesholds a portfolio worth EUR150 million, a remnant of Infineon'svigorous investments in start-ups during the dotcom boom. Itcurrently holds stakes in 35 companies. In recent months,however, the unit sold Milpitas, California-based Nutool Inc. toASM International N.V. of Bilthoven, the Netherlands; and SantaClara, California-based MediaQ Inc. to Nvidia Corporation, alsoof Santa Clara.

Infineon spokesman Gunter Gaugler, reached by The Deal to verifythe rumored sale, would only confirm that Infineon Ventures willdiscontinue investments "going forward." He did not elaborate.

"It is not because of a failure of the venture strategy, nor isit a reflection of poor quality firms in the portfolio," aMunich-based private equity executive familiar with the InfineonVentures business told The Deal when asked what could be thereason for the sale.

A recent survey by the European Venture Capital Associationshows the sector is again on the rise. Accordingly, investmentsrose 40% in 2003 from the prior year to EUR470 million.

ING BHF: Ships 1,400 Corporate Clients to HVB Group---------------------------------------------------ING Groep N.V. (NYSE: ING [ADR]), the Netherlands' biggestfinancial-services company, sold part of the corporate-customerbusiness of ING BHF-Bank AG to the HVB Group (German: HVM).

Sold for an undisclosed sum, the portfolio consists of 1,400clients based in North-Rhine-Westphalia, the Rhine-Main area andBerlin and is worth about EUR2 billion, according to BloombergNews. The acquisition is part of HVB's effort to revive growthfollowing a business overhaul that forced the No.2 German bankto sell US$4 billion in assets and axe 11,000 employees.

"HVB is trying to look for growth again after dealing with allthe problems they had in the past," Carsten Werle, an analyst atWestLB in Dusseldorf, Germany, who has a "neutral'" rating onHVB's shares, told Bloomberg.

The transaction will be completed in the first half of nextyear. HVB currently has loans of EUR54.2 billion to mid-sizedcorporate clients in Germany.

"The takeover of the portfolio of ING BHF-Bank gives us anexcellent opportunity to attract new customers in differentindustries and increase our market share in some German states,"Michael Mendel, HVB management board member in charge ofGermany, said in a statement.

ING Groep has been selling assets in Asia, Australia and Europeto free up funds to invest in such areas as insurance and phoneand Internet banking. In September, it agreed to sell BHF-Bankto family-owned bank Sal. Oppenheim Jr. & Cie KgaA for anundisclosed price, its second attempt to dispose of the businessin two months, says Bloomberg. The deal, however, did notinclude BHF's mortgage banking business, which the Dutch parentintends to keep along with the London branch and the overdueloan portfolio.

"The goal of the bank is to concentrate on about 250 corporateclients that need a whole portfolio of our services, such asadvisory, rather than just loans. With the sale of this loanportfolio we have come a big step closer to our restructuringgoal," BHF-Bank spokesman Juergen Heine said in a telephoneinterview with Bloomberg.

Acquired by ING Groep in stages in the late 1990s for EUR3.6billion, BHF-Bank booked a net income of EUR50 million in thefirst half, a 180-degree turn from last year's net loss of EUR95million, which forced it cut 275 jobs and close 11 branches incorporate lending.

KIESWERK ILLINGEN: Creditors Have Until Next Week to File Claims----------------------------------------------------------------The district court of Stuttgart opened bankruptcy proceedingsagainst Kieswerk Illingen Gesellschaft mit beschrankter HaftungGmbH & Co KG on Sept. 28. Consequently, all pending proceedingsagainst the company have been automatically stayed. Creditorshave until Nov. 9, 2004 to register their claims with court-appointed provisional administrator Dr. Volker Viniol.

Creditors and other interested parties are encouraged to attendthe meeting on Dec. 2, 2004, 10:50 a.m. at AG Stuttgart,Hauffstr. 5, EG, Saal 4 at which time the administrator willpresent his first report of the insolvency proceedings. Thecourt will also verify the claims set out in the administrator'sreport during this meeting, while creditors may constitute acreditors committee and or opt to appoint a new insolvencymanager.

KMR-HOTELBETRIEBS: Claims Deadline Nears----------------------------------------The district court of Essen opened bankruptcy proceedingsagainst KMR-Hotelbetriebs GmbH on Oct. 11. Consequently, allpending proceedings against the company have been automaticallystayed. Creditors have until Nov. 8, 2004 to register theirclaims with court-appointed provisional administrator Georg F.Kreplin.

Creditors and other interested parties are encouraged to attendthe meeting on Nov. 23, 2004, 10:15 a.m. at the district courtof Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG,gelber Bereich, Saal 291 at which time the administrator willpresent his first report of the insolvency proceedings. Thecourt will also verify the claims set out in the administrator'sreport during this meeting, while creditors may constitute acreditors committee and or opt to appoint a new insolvencymanager.

MG TECHNOLOGIES: Subsidiary Wins EUR35 Mln Deal from AVA--------------------------------------------------------Lurgi Lentjes AG a subsidiary of mg technologies AG, has won acontract to expand the capacity of a waste incineration plant inFrankfurt am Main. The customer is the Frankfurt-based plantoperator AVA Nordweststadt GmbH. The order is worth roughlyEUR35 million and involves the construction of a fourth wasteincineration line.

As part of the plant's comprehensive refurbishment, LurgiLentjes last year won a contract worth EUR167 million to buildthe first three incineration lines and retool the adjoiningthermal power station.

The construction of the first two incineration lines will becompleted in mid-2006, and the other two lines are scheduled tobe brought on stream in 2008. In the modernized plant, thepower generated from the incineration of roughly 450,000 tons ofresidual waste per year will be used to generate electricity andsupply the north-west of Frankfurt with thermal energy. Torefurbish the plant, Lurgi Lentjes will use cutting-edgetechnology to ensure that the waste is disposed of in anenvironmentally friendly way and that legally prescribedemissions limits are strictly complied with.

Lurgi Lentjes has previous experience of projects involving heatand power generation with gas-turbine and steam-turbine powerplants and also has proprietary technologies and processes inthe fields of incineration in circulating fluid-bed powerplants, the conversion of residual and waste materials intousable energy and the reduction of air pollution. As a worldleader in technology, this plant engineering company combinesefficient waste disposal with resource-efficient powergeneration.

Mg technologies AG is an international technology group thatfocuses on specialty mechanical engineering -- especiallyprocess engineering and equipment -- and plant engineering. Thecompany generated sales of roughly EUR4.1 billion -- excludingDynamit Nobel and other discontinued operations -- in 2003. AtJune 30, 2004, the company employed around 17,000 people and isone of the world's market and technology leaders in 90% of itsbusinesses.

Creditors and other interested parties are encouraged to attendthe meeting on Dec. 2, 2004, 11:10 a.m. AG Stuttgart, Hauffstr.5, EG, Saal 4 at which time the administrator will present hisfirst report of the insolvency proceedings. The court will alsoverify the claims set out in the administrator's report duringthis meeting, while creditors may constitute a creditorscommittee and or opt to appoint a new insolvency manager.

This announcement is for information purposes only and does notconstitute an offer or invitation to acquire or dispose of anysecurities in the United States, the United Kingdom, Ireland orany other jurisdiction.

* * *

Eircom reported adjusted EBITDA of EUR156 million for the firstquarter, up 10% due to improved gross margins and loweroperating costs. Operating profit before restructuring programcosts was up 86% to EUR65 million, and operating margin of 16%,up from 9%.

Accelerated ongoing reorganization led to a charge of EUR48million in Q1 to reduce headcount by c. 400.

ELAN CORPORATION: Subsidiary Purchasing up to US$351 Mln Notes--------------------------------------------------------------Elan Corporation, plc announced that its wholly ownedsubsidiary, Elan International Services Ltd. (EIS), on Thursdaycommenced a cash tender offer to purchase up to US$351,000,000(of US$390,000,000) in aggregate principal amount of Series BGuaranteed Notes (PPN: G2954# AB7) and Series C Guaranteed Notes(PPN: G2954# AC5) issued by Elan Pharmaceutical Investments III,Ltd., a wholly-owned subsidiary of Elan.

In connection with the Tender Offer, Elan is soliciting consentsfrom the holders of at least a majority in aggregate principalamount of the Notes to proposed amendments to the guaranteeagreement governing Elan's guarantee of the Notes and undercertain provisions of the indenture governing the 6.50%Convertible Guaranteed Notes issued by Elan Capital CorporationLtd. and guaranteed by Elan that will effectively waivecompliance with all covenants contained in indenture thatrestrict certain activities of Elan and its subsidiaries withoutthe prior consent of a majority in aggregate principal amount ofthe outstanding Notes. Holders cannot tender their Noteswithout delivering their Consents.

The Tender Offer and Consent Solicitation are being madepursuant to an Offer to Purchase and Consent SolicitationStatement, dated October 28, 2004, and related documents, whichset forth the complete terms and conditions of the Tender Offerand Consent Solicitation. The Tender Offer and ConsentSolicitation will expire at 12:00 midnight, New York City time,on November 26, 2004, unless extended or earlier terminated (theExpiration Time).

Subject to the terms and conditions of the Tender Offer and theConsent Solicitation, holders who properly tender their Notesprior to 12:00 midnight, New York City time, on November 10,2004, unless extended or earlier terminated (the Early TenderDeadline), will receive total consideration of US$1,013.50 perUS$1,000 principal amount of Notes tendered and accepted forpayment. The total consideration includes an early tenderpremium of US$13.50 per US$1,000 principal amount of Notestendered and accepted for payment. Holders who properly tendertheir Notes after the Early Tender Deadline but prior to theExpiration Time will receive only the tender consideration ofUS$1,000 per US$1,000 principal amount of Notes tendered andaccepted for payment. In either case, holders will receiveaccrued and unpaid interest on Notes tendered and accepted forpayment to, but not including, the applicable settlement date.

If Notes representing at least a majority in aggregate principalamount of the Notes outstanding are tendered and accepted forpayment, each holder of Notes will be paid a consent payment ofUS$5.00 per US$1,000 principal amount of Notes held by theholder, even if the holder does not tender any Notes.

If holders tender Notes having an aggregate principal amountgreater than US$351,000,000, EIS will purchase tendered Notes ona pro rata basis. Notes tendered may not be withdrawn, andConsents received may not be revoked, after the Early TenderDeadline.

The Tender Offer and Consent Solicitation are subject to thesatisfaction of certain conditions, including (i) the receipt oftenders and Consents from at least a majority in aggregateprincipal amount of the Notes outstanding and (ii) theconcurrent completion of a debt financing on terms acceptable toElan. These conditions are in addition to the other conditionsset forth in the Tender Documents.

Elan and EIS have engaged Morgan Stanley & Co. Incorporated toact as dealer manager in connection with the Tender Offer andsolicitation agent in connection with the Consent Solicitation.Questions regarding the Tender Offer and Consent Solicitationand requests for additional Tender Documents should be directedto Morgan Stanley at (800) 624-1808 (toll free) or (212) 761-1941 (collect), Attention Francesco Cipollone. The Depositary isThe Bank of New York. This press release is for informationalpurposes only and does not constitute an offer to purchase, orthe solicitation of an acceptance of the Tender Offer or theConsent Solicitation with respect to, the Notes. The TenderOffer and Consent Solicitation are being made only pursuant tothe Tender Documents.

About Elan

Elan is a neuroscience-based biotechnology company that isfocused on discovering, developing, manufacturing, selling andmarketing advanced therapies in neurodegenerative diseases,autoimmune diseases and severe pain. Elan's (NYSE:ELN) sharestrade on the New York, London and Dublin Stock Exchanges.

ELAN CORPORATION: Offering US$850 Million Senior Notes------------------------------------------------------Elan Corporation, plc announced that its wholly ownedsubsidiaries, Elan Finance public limited company and ElanFinance Corporation, intend to offer, subject to marketconditions, US$850 million in aggregate principal amount ofsenior fixed rate notes due 2011 and senior floating rate notesdue 2011. The notes will be offered in the United States onlyto qualified institutional buyers pursuant to Rule 144A underthe Securities Act of 1933, as amended, and to non-U.S. personsin accordance with Regulation S under the Securities Act.

The net proceeds from the offering will be used to fund a tenderoffer by Elan International Services Ltd., a wholly-ownedsubsidiary of Elan, to purchase up to US$351 million inaggregate principal amount of Series B Guaranteed Notes andSeries C Guaranteed Notes issued by Elan PharmaceuticalInvestments III, Ltd., a wholly-owned subsidiary of Elan, andguaranteed by Elan, and the consent payment provided for in therelated consent solicitation by Elan, and for working capitaland other general corporate purposes.

The offering is conditioned upon completion of the consentsolicitation, which requires acceptance by holders of a majorityin aggregate principal amount of the Series B and Series CGuaranteed Notes.

The notes have not been registered under the Securities Act orany state securities laws and may not be offered or sold in theUnited States or to U.S. persons absent registration under, oran applicable exemption from, the registration requirements ofthe Securities Act and applicable state securities laws.

About Elan

Elan is a neuroscience-based biotechnology company that isfocused on discovering, developing, manufacturing, selling andmarketing advanced therapies in neurodegenerative diseases,autoimmune diseases and severe pain. Elan's (NYSE: ELN) sharestrade on the New York, London and Dublin Stock Exchanges.

Commenting on Elan's third quarter results, Shane Cooke,executive vice president and chief financial officer, said: "Wecontinued to report net losses this quarter as we resolveoutstanding legacy issues, streamline the balance sheet and,most importantly, invest for a successful launch of Antegren andPrialt. We are optimistic that the dedication, commitment andfinancial resources we have invested in these products will bereflected in a return to profitability in the 2006 timeframe."

CIRIO FINAZIARIA: Probe on Former Sanpaolo IMI Execs Begins-----------------------------------------------------------Roman prosecutors will probe two former heads of banking groupSanpaolo IMI regarding the bankruptcy of food group Cirio, ISole 24 Ore says.

Rainer Masera and Luigi Maranzana, Sanpaolo's former chairmanand chief executive respectively, will face allegations thatthey played a part in Cirio's bankruptcy through differentillegal transactions.

Prosecutors accused Mr. Masera and Mr. Maranzana of takingillegal steps to recover EUR80 million in debt from Ciriobetween 2000 and 2002, when the men held their post. Sanpaoloallegedly recovered the food group's debts through selling high-risk bonds issued by Cirio's international financial holdingcompanies to its own retail customers. Sanpaolo allegedly madethe transactions without disclosing any conflict of interest orinforming buyers of the bonds' risk level.

Prosecutors will also look on Sanpaolo's participation in aEUR76.2 million-syndicated loan to Cirio, which covered thegroup's former debts, thus worsening its finances and violatingthe principle of parity among creditors.

Prosecutors are investigating around 43 personalities regardingthe demise of Cirio. They hope to complete the probe nextmonth.

ISPAT INTERNATIONAL: Ratings in Line for Possible Upgrade---------------------------------------------------------Moody's Investors Service has placed all the ratings of IspatEurope Group S.A. and Ispat International N.V. under review forpossible upgrade after an announced acquisition plan.

Ispat International, Ispat Europe's guarantor, recently said itwill acquire LNM Holdings N.V., subject among others, to theapproval of its shareholders. The plan is for the ultimateacquisition of International Steel Group Inc., by LNM, which bythen should have been renamed Mittal Steel Company N.V. Themerger is expected to form world's largest steel-making companywith combined yearly production capacity of around 57 milliontons.

Ratings affected are:

(a) The B2 senior implied rating on Ispat Europe;

(b) The Caa1 unsecured issuer rating on Ispat Europe;

(c) The B3 rating on the EUR92.0 million 11.875% senior secured notes due 2011 issued by Ispat Europe; and

(d) The Caa1 unsecured issuer rating on Ispat International.

Moody's expects Ispat Europe's outstanding debt obligations tobenefit from the transaction. It believes Ispat International,for its part, will increase its scale of operations, improvebargaining power with supplier and customer, and broadens itsgeographical diversification. It further thinks the enlargedgroup would be able to benefit from a higher level of upstreamintegration.

Proceeds of the tranche F loan will be used to repay otherexisting outstanding bank debt under the company's EUR3.45billion bank facility, which could include up to EUR200 millionof borrowings outstanding under the revolving credit. Whilerepayment of borrowings outstanding under the revolving creditcould increase the total commitment by up to about EUR200million, such an increase is not material enough to change therecovery prospects for the fully drawn loan, which wouldincrease to EUR3.650 billion.

"The ratings reflect Denver, Colo.-based cable televisionoperator UGC's significant business risk in its 11 Europeancable markets, which represent the vast majority of its revenuesand EBITDA," said Standard & Poor's credit analyst CatherineCosentino. Subsidiary UGC Europe Inc. emerged from bankruptcyin September 2003. The company relied heavily on debt to fundthe ambitious upgrade of its network to support aggressivegrowth in its video, Internet, and telephony subscribers.However, such growth failed to materialize.

While UGC's debt has been reduced to about US$4 billion as aresult of several debt restructurings, including at UPC Polska,the company still remains relatively highly leveraged, at about5.4x debt to second-quarter 2004 annualized EBITDA on anoperating lease-adjusted basis, excluding restructuring andasset impairment charges, as well as stock-based compensationcredits, and before the acquisition of French cable TV operatorNoos (leverage is 5.1x including stock compensation credits).

DRINKS OF PRIKAMYE: Declared Insolvent--------------------------------------The Arbitration Court of Perm region has commenced bankruptcyproceedings against Drinks of Prikamye after finding the closejoint stock company insolvent. The case is docketed as A50-4010/2004-B. Mr. A. Kotelnikov has been appointed insolvencymanager. Creditors have until November 24, 2004 to submit theirproofs of claim to 614036, Russia, Perm, Leonova Str. 23, Office1.

FIRST OIL-BASE: Under Bankruptcy Supervision--------------------------------------------The Arbitration Court of Irkutsk region has commenced bankruptcysupervision procedure on limited liability company First Oil-Base. The case is docketed as A10-14379/04-49. Ms. E.Timofeyeva has been appointed temporary insolvency manager.

HOUSE OF BOOK: Undergoes Bankruptcy Supervision Procedure---------------------------------------------------------The Arbitration Court of Moscow has commenced bankruptcysupervision procedure on limited liability company House ofBook. The case is docketed as A40-40974/04-44-29B. Mr. A.Vernigorodskiy has been appointed temporary insolvency manager.Creditors may submit their proofs of claim to 101990, Russia,Moscow, Lubyanskiy Proezd 5, Building 1, Office 306. A hearingwill take place on February 4, 2005.

TOLMACHEVO: Declared Insolvent------------------------------The Arbitration Court of Novosibirsk region has commencedbankruptcy proceedings against Tolmachevo after finding the fuelfilling company insolvent. The case is docketed as A45-2573/04-SB/22. Mr. V. Bolkonskiy has been appointed insolvency manager.Creditors have until November 24, 2004 to submit their proofs ofclaim to 630099, Russia, Novosibirsk, Chaplygina Str. 92.

VOLOGODSKOYE ENTERPRISE: Under Bankruptcy Supervision-----------------------------------------------------The Arbitration Court of Vologda region has commenced bankruptcysupervision procedure on close joint stock company VologodskoyeEnterprise Hydro-Electro-Montazh. The case is docketed as A13-9105/04-22. Mr. N. Ryabishin has been appointed temporaryinsolvency manager.

YUKOS OIL: Authorities Lift Seizure of Bank Accounts----------------------------------------------------The Federal Tax Service of the Russian Federation has allowedYukos Oil access to its accounts in commercial banks to pay taxbills.

Business daily Vedomosti reported it received a copy of a lettersent by the Interregional Inspection Board to one of commercialbanks that service the oil major's accounts.

The Board reportedly said the earlier order to stop alloperations with the accounts does not concern tax payments. Assuch, court bailiffs may write off Yukos' tax debt from theaccounts within the next few days. This will allow Yukos to payits tax debt for 2000. Yukos has already paid US$3.2 billionout of its US$3.4 billion tax bill for 2000.

A source in Yukos confirmed to the newspaper similar lettershave been sent to banks holding Yukos' accounts. The banksdeclined to comment.

In a separate report, PRIME-Tass economic news agency said Yukoshas already paid off more than half of its tax arrears for 2000and 2001, which estimated at US$6.1 billion. However, thecompany will still have to pay RUB40 billion in penalty for2001.

Yukos could receive a further tax bill for 2002 soon, accordingto Vedomosti. It cited sources saying the claim may be similarfor the two previous years.

SAEZ MERINO: Workers Okay Terms of Redundancy Plan--------------------------------------------------Staff of Saez Merino on Wednesday approved a redundancy packageproposed by management under a plan to shut down some of thetextiles firm's plants, Europe Intelligence Wire reports.

Saez Merino is planning to close its plants in Carcaixent andTorrent in the autonomous region of Valencia, and cut 141 jobsat its plant in Benaguasil, also in Valencia.

a preliminary agreement provides that workers made redundantwill be entitled to 45 days' salary per year of employment, witha minimum of EUR5,000. The compensation paid will amount toEUR11.7 million. Saez Merino will also have to invest EUR18million to keep on 1,100 other workers and maintain activity.

The orders from the factories to be closed are beingsubcontracted to firms in Morocco.

The plan entails renegotiating Terra Mitica's debt worth EUR111million with 22 creditors. The board also gave a o signal to abusiness strategy plan for 2005, which forecasts EUR2.2 millionin profits.

Terra Mitica, which is currently in temporary receivership,reportedly decided to cease its management contract with U.S.park operator Paramount Parks. Troubled Company Reporter, onOctober 22, said the theme park's board and executive has yet toapprove Paramount's exit, which would cut its initial fee byhalf. The regional government of Valencia, which owns a 20.6%stake in the theme park, has expressed delight in Paramount'sdeparture, saying the operator was not able to carry out itduty.

With Paramount's exit, Terra Mitica would look for new operator.Potential nominees are Aqualandia Mundial, manager of two othertheme parks in Valencia, and Parques Reunidos, an aquatic themepark manager.

ABBEY NATIONAL: Investor Takes Chairman, Santander to High Court----------------------------------------------------------------A private investor has asked the High Court to block thetakeover of Abbey National by Banco Santander on the groundsthat Abbey's chairman had acted illegally during the recent EGM.

Michael Johnson, who owns just one share according to the bank,filed his lawsuit Wednesday last week. The High Court will hearthe petition on November 8, the same date courts will approvethe takeover, according to The Guardian.

Mr. Johnson accuses Chairman Lord Burns of illegally using theproxy votes of institutional investors to overrule anadjournment motion that would have temporarily blockedSantander's offer. Supported by majority of the 900 whoattended the EGM, the motion was made by Richard Pout, whoraised concerns about the criminal charges executives of theSpanish bank are facing. He claims Lord Burns failed toconsider the "serious criminal allegations" and failed to adviseshareholders about it. He urges the High Court to rule thechairman's use of the proxy votes invalid and uphold the verdictof the "overwhelming show of hands."

Abbey denies withholding any information. "Abbey does not feelthese cases [against the Spanish executives] have a significantbearing on the offer to Abbey shareholders, and should not beblown out of proportion," it said in a statement.

"Importantly, the Financial Services Authority, which has toapprove the deal, has said it sees no material impediments toworking with the relevant parties so that its approval can beprovided prior to the proposed scheme becoming effective onNovember 12," the statement reads.

Noting that Mr. Johnson only held one share, Abbey added: "It isimportant that people who own a very small proportion of thecompany cannot overturn the wishes of the majority of theshareholders."

At the extraordinary general meeting of these companies onOctober 20, 2004 held at 125 London Wall, London EC2Y 5AJ, thesubjoined special resolution to wind up the company was passed.David Richard Thorniley and Christopher Rodney Ashurst of MazarsLLP, 24 Bevis Marks, London EC3A 7NR have been appointed jointliquidators for the purpose of these windings-up.

CORUS GROUP: Formal E.U. Inquiry into Arcelor's Offer Launched--------------------------------------------------------------The E.U. Competition Commission published an issues statement aspart of its inquiry into the acquisition by Arcelor S.A. of theU.K. hot rolled steel sheet piling business of Corus Group plc.The acquisition was referred to the Commission on 10 September2004.

The Commission is required to publish its final report by 24February 2005.

To date, its investigation has concentrated on gatheringinformation, views and evidence. A number of issues ofparticular significance have been identified and they are setout in full on the Commission's Web site athttp://www.competition-commission.org.uk. They will form the basis of a hearing, at which Arcelor will be asked about theacquisition and its effects.

The Commission is seeking to establish whether, as a result ofthe acquisition, there will be a substantial lessening ofcompetition within the market or markets for hot rolled steelsheet piling in the U.K. Sheet piling is used in theconstruction industry as a retaining structure acting as abarrier to earth or water.

As part of that process, the Commission will, in accordance withits guidelines:

(a) assess the competitive effects of the merger;

(b) define a relevant market or markets;

(c) compare future effects with what would have been likely to have occurred, had the merger not taken place (the counterfactual); and

(d) consider any customer benefits that might arise from the merger.

This issues statement highlights particular aspects of theacquisition that have been identified for further consideration.It is published so that interested parties may know, and commenton, the Commission's current appraisal of the issues.

Views so far expressed by third parties have been posted on theCommission's Web site. Comments from third parties are highlyvalued by the Commission, whether they are on the specific, ormore general, issues that it must consider, such as marketdefinition, the competition effects of the market, thecounterfactual, and customer benefits; or on any othercompetition issues relevant to the acquisition. If theCommission identifies further issues, it will publish asupplementary statement.

The Commission has reached no conclusions about whether theacquisition has resulted, or may be expected to result, in asubstantial lessening of competition; and will not do so untilafter it has discussed these and any further issues with theparties concerned. If the Commission finds that there is, ormay be expected to be, a substantial lessening of competition,it will consider whether any remedies are necessary. Should itfind that they are, the Commission will issue a remediesstatement.

Anyone wishing to comment on any of the issues set out below isrequested to do so by 11 November 2004 in writing to:

The Commission will continue to gather evidence in this inquiryand will publish its provisional findings according to theadministrative timetable for this inquiry available on its Website: http://www.competition-commission.org.uk/inquiries/current/arcelor/index.htm.

DUVALS OF ROMSEY: Director Receives Four-year Ban-------------------------------------------------The Hampshire director of a dry-cleaning machine sales, leasingand maintenance business that failed with total debts estimatedat around GBP3.4 million has given an Undertaking not to holddirectorships or take any part in company management for fouryears.

The Undertaking by Peter Charles Crane, 44, of Bassett GreenVillage, Southampton, was given in respect of his conduct as adirector of Duvals of Romsey Limited, which carried out businessfrom premises at Unit 25, Romsey Industrial Estate, Romsey,Hants.

Acceptance of the Undertaking on October 14, 2004 prevents PeterCharles Crane from being a director of a company or, in any way,whether directly or indirectly, being concerned or taking partin the promotion, formation or management of a company for theabove period. Duvals of Romsey Limited was placed intoadministrative receivership on 18, June 2002 with estimateddebts of GBP3,400,000 owed to creditors.

The Insolvency Service, on behalf of the Secretary of State forTrade & Industry, has responsibility (under Section (6) of theCompany Directors Disqualification Act 1986) for theinvestigation of the conduct of directors of failed companiesand for the disqualification of those who are considered to beunfit to be involved in the management of companies in thefuture.

The matter of unfit conduct, not disputed by Peter CharlesCrane, was that he caused or allowed Duvals to trade whilstinsolvent, in doing so he caused Duvals to increase itsliabilities to the crown to GBP1,255,987 of which GBP657,006.33is due to Her Majesty's Customs & Excise and GBP598,980.68 tothe Inland Revenue.

FELCROFT LIMITED: Director Banned from Holding Executive Post-------------------------------------------------------------A director of a home care business that failed with total debtsof around GBP185,000 has given an Undertaking not to holddirectorships or take any part in company management for two anda half years.

The Undertaking by Marian Omatsone, 40, of Hammond Crescent,Willen Park, Milton Keynes, was given in respect of her conductas a director of Felcroft Limited, which carried on businessfrom premises at Suite 17, Omega House, 6 Buckingham Place,Bellfield Road, West High Wycombe.

Acceptance of the Undertaking on October 7, 2004 prevents Ms.Omatsone from being a director of a company or, in any way,whether directly or indirectly, being concerned or taking partin the promotion, formation or management of a company for two-and-a-half years. Felcroft Limited was placed into compulsoryliquidation by Order of the High Court on May 14, 2003 on thepetition of HM Commissioners of Customs & Excise for aroundGBP56,000 owed in VAT.

The company has an estimated total deficiency of GBP185,000.

The Insolvency Service, on behalf of the Secretary of State forTrade & Industry, has responsibility (under Section (6) of theCompany Directors Disqualification Act 1986) for theinvestigation of the conduct of directors of failed companiesand for the disqualification of those who are considered to beunfit to be involved in the management of companies in thefuture

The matter of unfit conduct, not disputed by Ms. Omatsone, wasthat her position as the sole director of Felcroft was neglectedby her failing to take responsibility for the running of thecompany and as a consequence, failing to comply with statutoryobligations by allowing Felcroft to trade to the detriment ofthe Crown.

FYNEFISH PRODUCTS: Receiver to Present Report Next Week------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986

and

IN THE MATTER OF Fynefish Products Limited (In Receivership)

Notice is hereby given, in terms of Section 67(2) of theInsolvency Act 1986, that a Meeting of Creditors will be held atthe offices of Grant Thornton UK LLP, 95 Bothwell Street,Glasgow G2 7JZ at 11:00 a.m. on November 8, 2004 for the purposeof presenting the Report of the Receiver and of determiningwhether or not to establish a Committee of Creditors and who areto be the members of that Committee if established.

Creditors, whose claims are unsecured in whole or in part, areentitled to attend in person or by proxy, and a resolution willbe passed by a majority of those voting. Such creditors whoseclaims and proxies have been submitted and accepted at themeeting or lodged beforehand at the address below may vote.

Creditors who want to be represented at the meeting may appointproxies. Proxy forms must be submitted together with writtendebt claims to PricewaterhouseCoopers LLP, Benson House, 33Wellington Street, Leeds LS1 4JP not later than 12:00 noon,November 8, 2004.

GODADO.COM LIMITED: Liquidator to Present Report in Two Weeks-------------------------------------------------------------The members of Godado.Com Limited will meet on November 16, 2004commencing at 10:00 a.m. It will be held at Tomlinsons, StJohn's Court, 72 Gartside Street, Manchester M3 3EL.

The purpose of the meeting is to receive the account showinghow the winding-up has been conducted and the property of thecompany disposed of, and to hear any explanation that may begiven by the liquidator. Members who want to be represented atthe meeting may appoint proxies. Proxy forms must be lodgedwith Tomlinsons, St John's Court, 72 Gartside Street, ManchesterM3 3EL not later than 12:00 noon, November 15, 2004.

INNERCASTLE LIMITED: Final Meeting of Members Set-------------------------------------------------The final meeting of the members of Innercastle Limited will beon November 25, 2004 commencing at 10:00 a.m. It will be heldat the offices of Johnson Tidsall, 81 Burton Road, Derby.

The purpose of the meeting is to receive the account showinghow the winding-up has been conducted and the property of thecompany disposed of, and to hear any explanation that may begiven by the liquidator. Members who want to be represented atthe meeting may appoint proxies. Proxy forms must be lodgedwith Johnson Tidsall, 81 Burton Road, Derby not later than 12:00noon, November 24, 2004.

Subject to the reform of Britain's gambling laws, Stanleyintends to apply for planning permission to develop a regionalcasino complex on this site. It is anticipated that the complexwill comprise a 150,000 sq. ft. casino, together with otherdevelopments including a hotel, restaurants, bars, leisurefacilities and designer shops. The site is ideally locatedclose to the M1, M62 and M621 motorways and enjoys a catchmentof over five million adults living within one hour's drive.

Stanley has started discussions with possible partners who shareits vision to maximize the full potential of this development,which is expected to cost up to GBP125 million.

Bob Wiper, Chief Executive of Stanley Leisure plc, said: "We aredelighted to announce the development of this exceptional sitein Leeds which we believe is the best location for a casino inthe North of England. We plan to build an exciting casinocomplex, to rival any other development in the U.K., which willbe a huge entertainment attraction of which the region can beproud.

"It is expected that this project will be complete by the end of2007, subject to planning and deregulation. We estimate thatthe complex will create over 1,000 new jobs in addition to thejobs associated with the development phase.

"Stanley has over 30 years experience of operating casinos inthe U.K. We will continue to operate in a socially responsiblemanner and, further, we are committed to meeting all newrequirements as determined by the future Gambling Commission.

"This development consolidates Stanley Leisure's position as theU.K.'s leading casino operator. We expect our existing StarCity casino in Birmingham, already the largest casino in theU.K., to move to regional casino status soon after the newlegislation is introduced. The Leeds casino will then becomeour second regional casino."

MAILSTREAM PACKAGING: Insolvency Service Bans Top Honcho--------------------------------------------------------The director of a general trading and packaging business thatfailed with total debts estimated at around GBP663,000 has givenan Undertaking not to hold directorships or take any part incompany management for five years.

The Undertaking by Anthony Byrne, 47, of Robroyston, Glasgow,was given in respect of his conduct as a director of MailstreamPackaging Limited, which carried out business from premises atUnit 7, Albion Complex, 1394 South Street, Glasgow.

Acceptance of the Undertaking on October 13, 2004 preventsAnthony Byrne from being director of a company or, in any way,whether directly or indirectly, being concerned or taking partin the promotion, formation or management of a company for theabove period, commencing on November 3, 2004.

Mailstream Packaging Limited was placed into voluntaryliquidation by extraordinary resolution of the Company onJanuary 23, 2001 with estimated debts of GBP663,000 owed tocreditors.

The Insolvency Service, on behalf of the Secretary of State forTrade & Industry, has responsibility (under Section (6) of theCompany Directors Disqualification Act 1986) for theinvestigation of the conduct of directors of failed companiesand for the disqualification of those who are considered to beunfit to be involved in the management of companies in thefuture.

Matters of unfit conduct, not disputed by Anthony Byrne, werethat:

(a) Causing or permitting the Company to trade whilst insolvent with no reasonable prospect of paying all creditors;

(b) Causing or permitting the Company to finance its continued trading with monies retained from the crown departments amounting to GBP586,795 in respect of unpaid VAT, NIC and PAYE.

MERSEYSIDE SEXUAL: Creditors' Meeting Set-----------------------------------------The creditors of Merseyside Sexual Assault Centre DevelopmentProject Limited will meet on November 15, 2004 commencing at10:30 a.m. It will be held at Begbies Traynor, No 1 Old HallStreet, Liverpool L3 9HF.

Creditors who want to be represented at the meeting may appointproxies. Proxy forms must be submitted together with writtendebt claims to Begbies Traynor, No 1 Old Hall Street, LiverpoolL3 9HF not later than 12:00 noon, November 12, 2004.

NIGEL HARRISON: Director Gets 3-year Ban from Holding Exec Post---------------------------------------------------------------The director of an IT Consultancy business that failed withtotal debts estimated at around GBP114,000 has given anUndertaking not to hold directorships or take any part incompany management for three years.

The Undertaking by Nigel Carl Harrison, 35, of Nutshell Lane,Farnham, Surrey, was given in respect of his conduct as adirector of Nigel Harrison Consulting Limited (NHCL), whichcarried out business from premises at Upper Hale, Farnham,Surrey.

Acceptance of the Undertaking on October 14, 2004 prevents Mr.Harrison from being a director of a company or, in any way,whether directly or indirectly, being concerned or taking partin the promotion, formation or management of a company for theabove period. NHCL was placed into liquidation on January 15,2003 with estimated debts of GBP114,000 owed to creditors.

The Insolvency Service, on behalf of the Secretary of State forTrade & Industry, has responsibility (under Section (6) of theCompany Directors Disqualification Act 1986) for theinvestigation of the conduct of directors of failed companiesand for the disqualification of those who are considered to beunfit to be involved in the management of companies in thefuture.

The matters of unfit conduct, not disputed by Mr. Harrison, wasthat he caused NHCL to trade to the detriment of its creditors(mainly the Crown) as a total of GBP351,470 was paid out of thecompany's bank account, of which GBP331,070 was for the benefitof him personally. As a result of this the amount of GBP139,885that was owed to the crown departments remained unpaid until thedate of the winding up order.

SHOTTON PAPER: Calls in Joint Liquidators from PwC--------------------------------------------------At the meeting of the Shotton Paper Company Plc on October 20,2004, the special, ordinary and extraordinary resolutions towind up the company were passed. Tim Walsh and Jonathan Sissonof PricewaterhouseCoopers LLP, Benson House, 33 WellingtonStreet, Leeds LS1 4JP have been appointed joint liquidators ofthe company for the purpose of such winding-up.

SPEXBROOK LIMITED: Names McCabe Ford Williams Liquidator--------------------------------------------------------At the extraordinary general meeting of the Spexbrook Limited onOctober 20, 2004 held at 8 Lonsdale Gardens, Tunbridge Wells,Kent TN1 1NU, the extraordinary and ordinary resolutions to windup the company were passed. Peter Roderick Frowde of McCabeFord Williams, Bank Chambers, 1 Central Avenue, Sittingbourne,Kent has been appointed liquidator of the company for thepurpose of the winding-up.

ST. TROPEZ: Hires Smith & Williamson Limited as Liquidator----------------------------------------------------------At the extraordinary general meeting of the St. Tropez ChartersLimited on October 22, 2004 held at Smith & Williamson Limited,No 1 Riding House Street, London W1A 3AS, the subjoined specialresolution to wind up the company was passed. Iain John Allanand William Damian Joseph of Smith & Williamson Limited havebeen appointed joint liquidators of the company for the purposeof such winding-up.

At the extraordinary general meeting of these companies onOctober 15, 2004 held at 15 Plomer Green Lane, Downey, HighWycombe HP13 5TN, the special resolutions to wind up thesecompanies were passed. Charles G. J. King and Robert H. Kellyof Ernst & Young LLP, PO Box 61, 14 King Street, Leeds LS1 2JNhave been appointed joint liquidators for the purpose of suchwindings-up.

TORRIDON INTERNATIONAL: Calls Final General Meeting--------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986

and

IN THE MATTER OF Torridon International Limited (In Liquidation)

Notice is hereby given, pursuant to section 106 of theInsolvency Act 1986, that final general meetings of the membersand the creditors will be held on November 23, 2004 at 11:00a.m. and 11:15 a.m. respectively, at Stannergate House, 41Dundee Road West, Broughty Ferry, Dundee, for the purpose ofhaving a final account laid before them, showing how the windingup has been conducted and the property of the company disposedof and of hearing any explanations that may be given by theliquidator.

Members and creditors are entitled to attend in person or byproxy. Proxies must be lodged with the liquidator at or beforethe meeting.

TYNE TEES: Liquidator to Give Final Report Later this Month----------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986

and

IN THE MATTER OF Tyne Tees Transport Limited (In Liquidation)

Notice is hereby given, pursuant to Section 106 of theInsolvency Act 1986, that final meetings of the members and ofthe creditors of Tyne Tees Transport Limited will be held atDeloitte & Touche LLP, Lomond House, 9 George Square, Glasgow onNovember 30, 2004 10:00 a.m. and 10:15 a.m. respectively, forthe purpose of having an account laid before them showing themanner in which the winding-up has been conducted and theproperty of the company disposed of, and of hearing anyexplanation that may be given by the liquidator and determiningwhether the liquidator should have his release in terms ofsection 173 of the said Act.

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